The flurry of litigations concerning the Oil Prospecting License (OPL 245) are unnecessary and have become an embarrassment to the Presidency and stakeholders.

This is the verdict of the National Association of Nigerian Students (NANS) and Partners for Petroleum and Energy Sector Prosperity Initiative (P-PESPI), a new advocacy group for Petroleum and Energy sectors, which suggested that the litigations should stop.

NANS in conjunction with Partners for Petroleum/Energy Sector Prosperity Initiative (P-PESPI), a new advocacy group for Petroleum and Energy in a joint Press Release issued in Abuja.

While calling for an end to the litigations on OPL 245, NANS and P-PESPI said they “totally throw our support for the recommendations of Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), to President Muhammadu Buhari.”

A joint statement issued on Tuesday by the President of NANS, Chinonso Obasi, and Chairman of P-PESPI, Lord Charles Ibiang, observed that the OPL 245 with a reserve of 9 billion barrels of crude oil worth over $500 billion, has been in legal tango for over 20 years.

The statement reads: “The litigation is embarrassing to the Presidency and stakeholders that should stop. A way forward or road map should be designed to enable Nigeria benefit from such her prolific assets. Nigeria needs huge foreign Investment that can generate employment, OPL 245 is an investment haven.

“We are calling on the Federal Government to take advantage of the terms of April 2011 three separate agreements to acquired a major stake in the OPL 245 by converting it to a Production Sharing Contract (PSC) between FGN/NNPC, Shell and ENI/AGIP through Nigerian PSC Mechanism. We wish to say that AGF Abubakar Malami’s advice to Buhari is in good faith and patriotic.

“It is wrong for the core support base of the President to see every business and economic activities as corruption. The Oil and Gas sector is a highly technical and special. It’s a huge risk and money-spinning area and not a place for sentiments or sensenalism.”

The groups said they have conducted a research on the lucrative block, advising the Federal Government to allow Agip-ENI continue development of some parts of the field in OPL 245, particularly the ETAN and Zabazaba fields.

“We observed that total investment from AGIP involved in both the Zabazaba and Etan fields which includes A Power Plant, and a new Refinery is in excess of $15 billion and can generate thousands of Jobs.

“However, we call on AGIP for immediate halt to the purported billion dollar contract award to Saipem until certain insider issues are resolved by all parties concerned in the bidding processes. We call on the FG to see this as a major shift in terms of our search for investment.

“NANS and P-PESP shall be embarking on more fact finding visits to all stakeholders mentioned, Shell, AGIP, Saipem, Minister of State Petroleum, AGF and Minister of Justice, Abubukar Malami SAN for further clarification on some touchy issues of serious concerns. Let’s help develop our country,” the statement said.